Addax Petroleum Increases Gabon Production To Over 30,000 Barrels Per Day One Year After Acquisition

Addax Petroleum Corporation announced that one year after the acquisition of the operations of Pan Ocean Energy Corporation Limited , it has increased production more than three-fold to in excess of 30,000 barrels per day. In addition to this strong production growth, the Corporation announced in January 2007 a 45 per cent increase in its gross working interest proved plus probable reserves as at December 31, 2006. This substantial growth has been achieved primarily by increasing organisational capabilities, operating an intensive drilling campaign and constructing related production and export facilities.